The focus is on the US

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Republican politicians all piled into the clown car in the Washington debt circus yesterday by cancelling the scheduled vote in the House of Representatives on raising the debt ceiling. With the Democrat majority in the Senate threatening to veto the House bill hopes of any agreement were always very slim, but it will remain a [...]

I was rather surprised watching the BBC News last night cover the Libyan crisis, Afghanistan and the Olympic countdown, but no mention of the looming disaster if America fails to raise its national debt ceiling! Lets be clear, failure to reach an agreement would mean of Tuesday the US would not be able to pay [...]

After 18 months of wrangling, European leaders have finally agreed to a new 109 billion euro bailout of Greece. The deal reached at an emergency summit in Brussels yesterday, will require private bondholders to share the burden for the first time. What does this mean in practice? Well, private owners of Greek debt like banks [...]

The drama surrounding the Murdoch’s and the News International hacking scandal will once again steal the headlines this morning, but don’t let this distract you too much from the intensifying Euro debt crisis.
Senior market analysts are clamouring to point out that politicians dragging their heels are threatening to make this European debt crisis into a [...]

GBP and gold benefit

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European bank stress tests were widely criticised on Friday, with one analyst declaring it as bad as the 1979 Irish driving test. In 1979, in an effort to win votes the Irish government declared anyone who had taken their test twice and failed would automatically qualify for a licence – resulting in around 40% of [...]

Eurozone bank stress test

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FXstreet.com (Barcelona) – With the market jittery over the risks of contagion, the European financial sector is being put under the spotlight as another round of bank stress tests are to be released this Friday. In particular, the Spanish and Italian banking sectors are of noted importance as they both have seen a substantial loss [...]

EUR and USD under pressure

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The markets are nervously awaiting the release of the European bank stress tests today. In recent months, the European Central Bank (ECB) has been sifting through the books of banks in the euro area to test whether they have sufficient capital to withstand future market shocks.
This is not the first time the ECB have undertaking [...]

There was mixed news from the UK labour market yesterday with the number claiming jobseekers allowance rising by 24,500, while the ILO measure of unemployment actually fell by 26,000 in the three months to May. Why the difference? Well, one reason was people moving off other more expensive benefits onto jobseekers allowance, as the government [...]

British wine has enjoyed a surge in foreign sales after home-grown wine was served at the royal wedding, right, a currency broker said.
Foreign transactions for UK vineyards including Camel Valley in Cornwall have risen 37 per cent, Currency UK said. Camel Valley said: “We’ve had buyers from Japan and Hong Kong [...]

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